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City in Ontario

Houses for sale under $1M in Terrace Bay

Looking for cheap houses for sale in Terrace Bay? 22 homes in Terrace Bay are listed for sale under $1M, which is 100% of everything for sale. Most are detached houses.

quiet community-oriented affordable

1,528 people lived in Terrace Bay at the 2021 Census, in 715 households. 78% of households owned their home and 21% rented. The most common homes were single-detached houses (87%) and low-rise apartments (10%). 80% of homes were built before 1981, and 0% since 2011. 88% of commuters went to work by car and 0% by public transit.

Population of 1,528 residents Four schools available No public transit options No rental properties currently available

Terrace Bay, Ontario

Houses for Sale in Terrace Bay Under $1M

Day to dayLivability

3.2

Schools near listings

out of 10 · averaged over 47 past and present listings

Fraser Institute ratings within 2 km of each listing, closer schools weighted more

Each score is an average over this area's own listings and is shown only where at least 5 of them carry one. Scores are reported by listing agents, not measured by HOMEH.

What it costsAffordability

Median asking price

$147,400

79% below Ontario

In Terrace Bay

$147,400

In Ontario

$716,900

Median monthly rent

In Ontario

$2,499

On the marketMarket snapshot

For sale

Median $147,400

Houses 22

For rent

Recently sold

Recently leased

Market data as of 2026-08-16. Sold and leased figures are neighbourhood medians over the last 12 months, published only where at least 5 homes closed — never a single sale.

The honest readPros & cons

What people love

Affordable home prices compared to province
Good school ratings
Quiet and peaceful environment

Keep in mind

Limited amenities and parks
No rental options available
Low population density

The feel of the placeLifestyle

Daily life in Terrace Bay is calm and community-focused, ideal for those seeking tranquility.

Great for first-time buyers families retirees

Within the boundaryWhat's nearby

The boundary

778.2 km²

Every count and every census figure on this page was measured inside this line — not within a circle drawn around a centre point.

Parks

Playgrounds

Grocery stores

Restaurants

Cafés

Gyms

Libraries

Pharmacies

Counted across all 778.2 km² of Terrace Bay. From OpenStreetMap, as of 2026-10-12.

The schoolsWhich schools, and how they rate

3.2/10

Average rating of the 1 rated school in this area

Elementary

Secondary

Lake Superior High School
Public · Grades 9–12 · Superior-Greenstone DSB
3.2/103.6 over 5 yrs
697th of 742 Ontario secondary schools
125 students · EQAO 2024-2025
St Martin Catholic School
Catholic · Grades JK–8 · Superior North CDSB
Not rated
60 students
Terrace Bay Public School
Public · Grades JK–8 · Superior-Greenstone DSB
Not rated
60 students
École catholique Franco-Terrace
Public · French · Grades JK–8 · CSDC des Aurores boréales
Not rated

Ontario Ministry of Education school registry; ratings from the Fraser Institute report card. These are the schools that stand inside Terrace Bay, not a catchment — most Ontario boards do not publish attendance boundaries, and we will not draw a line we cannot source. Confirm enrolment with the school board before you buy.

The peopleWho lives here

1,528

Population (2021)

151.5 km²

Area

People per km²

48.4

Median age

$85,785

Median income

78%

Own their home

2.1

People per household

715

Households

Every age

Children (under 15)15.4%
Working age (15–64)60.0%
Seniors (65+)24.6%

What is built here

Detached houses86.6%
Semi-detached2.1%
Townhouses2.1%
Low-rise apartments9.9%

Own or rent

78%Owners

21%Renters

Across 715 households

When it was built

Mostly 1960 or earlier

1960 or earlier42%
1961–198038%
1981–199018%
1991–20000%
2001–20050%
2006–20100%
2011–20150%
2016–20210%

Share of occupied homes, by the era they were built in. Bars are drawn against the busiest era, not against each other, because the eras are not the same length. The eight shares are unlikely to total exactly 100: Statistics Canada rounds each era's count to the nearest 5 before publishing it, so we print what the census reports rather than adjusting a figure to make the column add up.

12.1%
Born outside Canada: 14.9%
Hold a degree or higher: 48.6%
Employment rate: 0%
Commute by transit: 87.8%
Commute by car: 1.7
Children per family: $74,149
Median income after tax: $90,741
Average household income: 6.9%
Living on a low income: $725/mo
Renters pay, per month: $756/mo
Owners pay, per month: $106,010
Median home value at census: 0%
Renters spending 30%+ of income on housing: 11.1%
Owners spending 30%+ of income on housing

Statistics Canada, Census of Population 2021. Added up from 4 census areas inside the boundary. Medians and rates are a population-weighted average of dissemination-area figures.

Sources: HOMEH listings, Statistics Canada, Census of Population 2021, OpenStreetMap, HOMEH school registry, Photo: © Wikimedia Commons contributors (CC BY-SA)

Questions, answered

Common questions about houses for sale under $1M in Terrace Bay

How many homes in Terrace Bay sell for under $1M?

22 homes in Terrace Bay are listed for sale under $1M today, 100% of the 22 homes for sale. Their median asking price is $147,400.

All homes for sale in Terrace Bay

What kind of home can I buy in Terrace Bay for under $1M?

Under $1M, Terrace Bay has detached houses (13), vacant lots (8) and link home (1) for sale. Most range from studios to 5 bedrooms.

Houses for sale in Terrace Bay

Keep looking

More Homes for Sale in Terrace Bay

22 homes are for sale in Terrace Bay. Browse by neighbourhood or home type below — and get the industry's highest Cashback Rebate when you buy with HOMEH.

At a glance